Not every owner needs a property manager. Some people manage very well on their own. There are also those for whom the apartment was intended as an investment, but over time it became a side hustle.
How to check which group you belong to?
Rental management is probably NOT for you if:
1. You like taking care of your apartment
Contacting a tenant is no problem for you. You'll be happy to conduct a viewing, choose a tenant, arrange repairs, or visit the apartment yourself.
2. You have time for this
A lease for a few months may require virtually no attention.
And then in one week you need to:
- find a new tenant,
- reply to a dozen or so messages,
- organize presentations,
- call a specialist,
- contact the administration,
- check settlements,
- prepare documents.
If you can make time for it when you need it, self-management may be a good choice.
3. You have your own proven specialists
Plumber, electrician, household appliance service, cleaning, minor repairs.
If you have already built your own network of contractors and know who to call when a problem arises, one of the more burdensome elements of the lease is eliminated.
4. You know how to manage the lease from the formal side
You can prepare an appropriate contract, verify the tenant, prepare a report, secure a deposit, monitor payments and properly terminate the lease.
If you have the knowledge and experience, you already possess some of the value offered by the manager.
5. You want to make every decision yourself
This is very important.
If you want:
- approve each repair,
- choose each contractor,
- know about every message from the tenant,
- personally determine how to solve each problem,
This professional management may frustrate you more than it relieves you.
Managing doesn't mean losing control over your home. It does mean handing over some of your daily decisions to someone who, thanks to their experience, will choose the best possible option for you.
Management starts to make sense when:
1. The apartment was supposed to be an investment, but it's starting to become a second job
You don't want to be the owner, administrator, accountant, service technician, and emergency number for the tenant all at the same time.
First and foremost, you want to know that the apartment is rented and properly maintained.
2. Your time is worth more to you
The cost of management is easy to calculate.
Much harder to count:
- several hours of presentation,
- telephone calls to contractors,
- commuting to the apartment,
- keeping track of deadlines,
- contact with the administration,
- problem-solving,
- looking for another tenant.
Your own time also has a price – even if you don't invoice yourself for it.
3. You don't live nearby
If you live in another city or abroad, even a small matter can become a logistical problem.
Then it is especially important to have someone on site who can simply take over the topic.
4. You have more than one apartment
With one place, most things can still be kept in your head.
With several, different contract deadlines, payments, settlements, repairs, tenant changes and documents begin to appear.
This is the moment when the lease ceases to be a single property and begins to be a small portfolio requiring organization.
5. You want to know the result, not participate in the whole process
You don't need to know that the plumber was supposed to come on Tuesday, but the tenant couldn't, so after four phone calls, they managed to schedule it for Thursday. You want to be informed: "Problem reported. Repair completed. Cost: 180 PLN." And then get back to your business.
value.
The most important question is not, “How much does management cost?”
Better ask:
“How much will it cost me to manage this apartment myself?”
Not only in zlotys.
Also in terms of hours, phone calls, commuting, interrupted holidays and things that need to be taken care of "quickly".
Therefore, a good manager should not convince every owner that they need his services.